In Brief:
- CoinSwitch Kuber became India’s largest crypto Unicorn
- The firm has raised $260 million from a16z, Coinbase Ventures and others
- The investment boosted the firm’s valuation four times in six months to $1.9 billion
Coinswitch Kuber, a cryptocurrency exchange in India, announced that it has raised over $260 million from new investors, Coinbase Ventures and Andreessen Horowitz (a16z), boosting its valuation four times in six months to $1.9 billion.
Top notch companies like Existing backers Tiger Global, Sequoia Capital, and Paradigm have also invested in the venture. This deal makes CoinSwitch India’s 2nd cryptocurrency unicorn and the world’s 30th Unicorn.
CoinDCX became the 1st Indian crypto Unicorn company with a $1.1 billion valuation in August. It has raised $90 million in Series C funding round.
To enter the country’s crypto market as a household name, CoinSwitch Kuber intends to use the funds for building new crypto products and services, as well as creating crypto awareness and onboarding 50 million Indians onto its platform.
The firm will facilitate the growing demand of institutional investors by offering them a unique product that serves their end-to-end requirements.
The co-founder and CEO of CoinSwitch Kuber, Ashish Singhal, said, “CoinSwitch Kuber is on a mission to build wealth for Indians by making crypto more accessible. I believe, simplifying crypto investments for the Indian youth has helped us to stand out. We wanted to remove all the complexities in crypto trading, educate consumers and give them a simplified experience of one-click buy and sell in crypto.’
Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari founded CoinSwitch in 2017 as a global marketplace for cryptocurrency exchanges. With 4.5 million users, Kuber is the company’s India-focused crypto investment platform.
Last month, the exchange reached 10 million users. It now aims to reach 50 million users by 2020.
